Should your Business get involved in Black Friday | Cyber Monday?
"First, Black Friday event is always the last Friday (and weekend) of November.
And it’s coming fast! That time of the year when businesses start getting ready for ONE of the biggest sale periods of the year, The Black Friday.
If you are not ready, it’s not too late!
Although it’s more than a day, also with the online, your have the Cyber Monday with that whole weekend being one big sale.
And then before you know it, it’s Christmas, with boxing day."
What’s the difference between Black Friday and Cyber Monday?
Simple, the key difference is Black Friday is store-based & online and Cyber Monday is online only.
Should your business get involved?
There are a lot of opportunities, as it’s such a major annual event, especially in the short term, like boost sales, clear inventory, but also build some long-term brand awareness.
However, there are costs and tasks attached.
For examples:
- Do you need to hire more staff?
- Are you going to do some paid advertising promoting your sale event?
- Do you have a social media presence to promote?
- Did you send a newsletter to announce the sale?
Here some quick Pros & Cons, that you can take in consideration:
- Buzz, hype, and shopper enthusiasm
- Lots of businesses get involved, competition is fierce
- Quickly shift old stock
- A big increase in awareness and traffic, physically and digitally
- Increase your customer base
Some marketing tactics that work:
- Begin advertising early
The sooner the better! The customers already made their list where they will shop! And now they are just waiting for the day!
- Create urgency
You want your customers to be compelled to buy now.
- Use multiple channels to promote
By multichannel we don’t mean television, radio, print, and outdoor banner. It can mean much more simple, cost-effective, like newsletter, social media, SMS, and postcards.
- Re-engage with past customers
Remind them who you are and invite them to re-engage with your business. Why not offering them an exclusive deal!
- Discount %
Try not to over complicate the % discount deal. You don’t want to confuse the customers. You can do for example 25% on all, instead of 10% on this, 20% for that, 50% on that, etc…
- Do your math!
Last thing, do your math! Make sure you will make money and be profitable!